Tesla Cuts Prices Again: Shaves $1,000 Off On 7-Seater Model Y

Tesla Inc TSLA has cut the price on its 7-seat Model Y by $1,000 in the U.S.

What Happened: Tesla has lowered the cost of the seven-seat interior option for the Model Y Long-Range. As per the company's website, the option will now cost U.S. consumers an additional $3000 on top of the base price compared to the previous price-add of $4000.

A five-seat interior is already included in the mid-size SUV. The Model Y’s base model is priced at $49,990 and qualifies for a $7,500 federal tax credit.

Why It Matters: Earlier this month, Tesla cut prices of some of its Model Y and Model 3 vehicles in the U.S. ahead of its first quarter results. The EV giant’s price cuts commenced in about January with price cuts of up to 19.7%.

The slew of price cuts enabled better first-quarter deliveries for the EV giant and added pressure on rival EV makers to cut costs to battle competition.

However, Tesla delivered only 10,695 units of its Model Y/3 vehicles in the first quarter as compared to the 17,147 units it sold in the previous quarter.

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